Title 15 — Commerce and Trade
Chapter 2A — Securities and Trust Indentures
§ 77iii. Effective time of qualification
Statutory text
Effective time of registration or application for qualification of indenture
The indenture under which a security has been or is to be issued shall be deemed to have been qualified under this subchapter—
when registration becomes effective as to such security; or
when an application for the qualification of such indenture becomes effective, pursuant to section 77ggg of this title.
Stop orders after effective time of qualification
After qualification has become effective as to the indenture under which a security has been or is to be issued, no stop order shall be issued pursuant to section 77h(d) of this title, suspending the effectiveness of the registration statement relating to such security or of the application for qualification of such indenture, except on one or more of the grounds specified in section 77h of this title, or the failure of the issuer to file an application as provided for by section 77eee(b)(2) of this title.
Effect of subsequent rule or regulation on qualification
The making, amendment, or rescission of a rule, regulation, or order under the provisions of this subchapter (except to the extent authorized by subsection (a) of section 77nnn of this title with respect to rules and regulations prescribed pursuant to such subsection) shall not affect the qualification, form, or interpretation of any indenture as to which qualification became effective prior to the making, amendment, or rescission of such rule, regulation, or order.
Liability of trustee under qualified indenture
No trustee under an indenture which has been qualified under this subchapter shall be subject to any liability because of any failure of such indenture to comply with any of the provisions of this subchapter, or any rule, regulation, or order thereunder.
Power of Commission to conduct investigation
Nothing in this subchapter shall be construed as empowering the Commission to conduct an investigation or other proceeding for the purpose of determining whether the provisions of an indenture which has been qualified under this subchapter are being complied with, or to enforce such provisions.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 76–38 · 53 Stat. 568
Enacted · 15 U.S.C. § 77iii
May 27, 1933, ch. 38, title III, § 309, as added Aug. 3, 1939, ch. 411, 53 Stat. 1157
Source evidence
Code source credit
May 27, 1933, ch. 38, title III, § 309, as added Aug. 3, 1939, ch. 411, 53 Stat. 1157Trust Indenture Reform Act of 1990
Pub. L. 101–550 title IV § 405 · 104 Stat. 2713
Inserted · 15 U.S.C. § 77iii(b)
Pub. L. 101–550 inserted before period at end “, or the failure of the issuer to file an application as provided for by section 77eee(b)(2) of this title”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 101–550 inserted before period at end “, or the failure of the issuer to file an application as provided for by section 77eee(b)(2) of this title”.Enacted provision · exact public law section
SEC. 405. WHEN QUALIFICATION BECOMES EFFECTIVE. Section 309(b) of the Trust Indenture Act of 1939 (15 U.S.C. 77iii(b)) is amended by inserting after “such Act” the following: “, or the failure of the issuer to file an application as provided for by section 305(b)(2)”.
1 of 2 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments
1990—Subsec. (b). Pub. L. 101–550 inserted before period at end “, or the failure of the issuer to file an application as provided for by section 77eee(b)(2) of this title”.
Executive Documents
Transfer of Functions
For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. , 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.
Credits
1933–1990 · 2 acts
- 1933May 27, 1933, ch. 38, title III, § 309, as added Aug. 3, 1939, ch. 411, 53 Stat. 1157
- 1990amended Pub. L. 101–550, title IV, § 405, , 104 Stat. 2723.
Show as published
(May 27, 1933, ch. 38, title III, § 309, as added Aug. 3, 1939, ch. 411, 53 Stat. 1157; amended Pub. L. 101–550, title IV, § 405, , 104 Stat. 2723.)